News Roundup: No takers for Siva's Tata Tele stake

The group was hoping to sell the Tata Tele stake to raise funds so it could buy back Bahrain Telecom’s stake in its now-closed wireless telephony business.

BY TEAM VCC

No takers for Siva's Tata Tele stake:Chennai-based Siva Group, trying to sell its four per cent stake in loss-making Tata Teleservices, could not find any taker among private equities or other investors. Siva Group had mandated JM Financial to hunt for a buyer, but investors shied away from the Indian telecom industry due to lack of regulatory clarity and the ongoing 2G scam case.(Business Stndard)

Jet shares jump on stake sale talks: In a late surge on Thursday, Jet Airways shares soared 9.7 per cent to close at Rs 408.5 on the Bombay Stock Exchange on speculation the airline’s promoters had initiated talks to sell stake in the company. Market sources said the promoters were considering selling five per cent stake to investors or a foreign airline. This would reduce their holding in the company to less than 75 per cent. (Business Stndard)

NMDC disinvestment likely by mid-Dec: The government today said it is planning 10 per cent stake sale in NMDC by mid-December, which could fetch the exchequer about Rs 7,500 crore."NMDC disinvestment is likely by mid-December. We hope to raise Rs 7,500 crore via 10 per cent share sale in it," Steel Secretary D R S Chaudhary said on the sidelines of inaugural function of steel pavellion in the India International Trade Fair here. (Business Stndard)

DTZ may help Air India raise funds from realty: India’s oldest airline, Air India Ltd, is set to mandate Delhi-based real estate consultant DTZ International Property Advisors Pvt. Ltd to help it raise money by selling, leasing or redeveloping its real estate assets, according to airline and property consultancy executives. (Mint)

IDG Ventures likely to raise $150M second start-up fund: IDG Ventures India, a venture capital fund with focus on early stage technology start-ups, is in the process of raising its second fund.“We are in the process of raising our next capital, which will have a mandate to invest in early stage ventures,” IDG Ventures India Vice-President Ranjith Menon told PTI here today. (Business Line)

Sintex to raise up to $150M through FCCBs: Sintex Industries Ltd. Is planning to raise up to $150 million (INR 820 crore) through issue of convertible bonds from overseas markets. The company’s board has launched an issue of step down foreign currency convertible bonds (FCCBs) due 2017. The net proceeds from the offering of the bonds will be used to repurchase or repay the outstanding principal, accrued and unpaid interest on the FCCBs issued in 2008. (BSE)

Voltech Group to invest Rs 1,000Cr to set up solar farms in TN: Chennai-based Voltech Group, an electrical systems service provider, to set up a solar farm in Tamil Nadu. The company has joined hands with a Dubai-based company to to set up solar farms which can produce 100 MW of electricity, with an investment of around Rs 1,000 crore. Meanwhile, the company also said it is looking at raising around Rs 300 crore from private equity and other players. (Business Stndard)

Cellcast PLC Plans To Exit Cellcast India: UK based Cellcast PLC intends to offload its entire investment in Cellcast India, in return for a partial settlement of the money due under its IP licensing agreement. The group stated last month (we missed it then) that this decision was made by the company’s board, and that they no longer have any interest in operating CAH or Cellcast India. (Medianama)